Capital Region home sales fall 15% in March

Home sales in the eight-parish Baton Rouge metro area pulled an about-face in March, falling approximately 15% compared to the same month last year, after posting increases of roughly 9% in January and 11% in February. There were 647 homes sold in the eight-parish region last month, compared to 758 in 2013—which was the highest monthly sales total for March of the past seven years—according to the latest monthly report released by the Greater Baton Rouge Association of Realtors. In 2012, there were 658 sales in March, or just 11 more than last month. The decline last month leaves year-to-date home sales in the Capital Region about even with last year’s figures, with 1,775 homes sold during the first quarter this year, compared with 1,772 last year. While the dip in sales may be a cause for concern, the GBRAR report for March also has some silver linings. Among them, pending sales rose in March by 10% while the average sales price rose more than 6% to $206,703 (up from $194,553 in March last year). The number of homes on the market fell by 10% in March as well, with 3,795 for sale in the eight-parish region last month, down from about 4,200 a year earlier. GBRAR tracks home sales in East Baton Rouge, Ascension, Livingston, West Baton Rouge, East Feliciana, West Feliciana, Iberville and Pointe Coupee parishes. Sales were down 18% in East Baton Rouge Parish last month, while Ascension and Livingston each posted a 12% decline. Access the complete GBRAR reports. Earlier this month, the Baton Rouge metro area was identified as having the best performing post-recession housing market among the 350 in the nation included in the National Association of Home Builders/First American Leading Markets Index report. —Staff report